Jaguar Mining Announces Q2 2017 Financial Results, Comments on Progress at Turmalina

Jaguar Mining Inc. (“Jaguar” or the “Company”) (TSX:JAG) today announced details of the Company’s financial and operating results for the second quarter ended June 30, 2017 (“Q2 2017”). Complete Financial Statements and Management Discussion and Analysis are available on SEDAR and on the Company’s website at www.jaguarmining.com. All figures are in US dollars, unless otherwise expressed.

Update on Progress at Turmalina to End of July 2017

Emerging from the second quarter, Turmalina has successfully transitioned mining activities to Level 10 in Orebody A. This transition follows management’s decision to leave Level 9 as a result of challenging ground conditions previously disclosed.

Management is focused on supporting current and future production targets at Turmalina by achieving certain key milestones including the following:

  • Increasing the number of working areas in an effort to stabilize the mining cycles in order to have a consistent gold production.
  • Increasing gold production from Orebody C while the mining cycle is normalized in Orebody A and until access to lower Orebody C containing higher grades can be established. Production from Orebody C is expected to impact consolidated grade in the short term.
  • Completing the review of the upper levels of the mine in Orebody A to identify areas of high grade blocks that can be recovered. Several areas have already been identified and two mining blocks within these areas are expected to be recovered by year-end.
  • Completion of the newly designed paste-fill plant, currently more than 90% complete. Commissioning is expected to begin in the fourth quarter.

The completion and sustaining of the key milestones outlined above is critical to ensuring the flexibility and consistency in the production plan at Turmalina and realizing the full potential of the higher grades in Orebody A. Subject to achieving and sustaining improved performance at Turmalina, the Company is targeting full year production of 95,000 ounces.

Source:  Jaguar Mining